Don’t Miss Your Chance To Change Your Medicare Coverage for 2022

The Annual Election Period (AEP) for Medicare is ending soon, which means it might be time to evaluate whether your current plan is the best match for your needs.

If you are hoping to switch Medicare plans, it’s important to know where to look and what to look for when researching new coverage options. Here are some important questions to consider when changing or enrolling in Medicare.

What Is Medicare’s Annual Enrollment Period?

If you are a current Medicare member or you’re looking to enroll in a plan, you have one opportunity each year to join, switch or make changes to your Medicare Coverage. It is called the Annual Enrollment Period, and it takes place between October 15 and December 7. It is important to meet this deadline because it is unlikely that you will be able to change your coverage outside of this period. Registration during the annual enrollment period ensures continued health care coverage beginning Jan. 1 of the following year.

During this period, current Medicare beneficiaries can review and renew their existing plans. They can also re-evaluate their coverage, make changes or even purchase new policies if desired. It's especially critical to closely review any updates to healthcare plans, as well as any changes in personal needs and circumstances, to get the best prices and coverage.

How Can I Change My Medicare Coverage?

There are a few instances where you can take advantage of open enrollment periods to change your Medicare Plan:

• Switching from Original Medicare to Medicare Advantage (or vice versa). If you find you need additional Medicare coverage, such as vision or dental, you can switch to a Medicare Advantage plan during either the AEP or Medicare Advantage enrollment period. Or, if you find you need less coverage at the time of either the AEP or the Medicare Advantage enrollment period, you can enroll in Original Medicare during either of the enrollment periods. You can then choose whether to add a Part D plan.
• Picking a different Medicare Advantage plan. Those who want to change their Medicare Advantage plan can browse for a plan that best suits their health needs and switch during either the AEP or the first three months of the year. If you enrolled in a Medicare Advantage plan during the AEP and find in a couple of months that it doesn’t work for you, there’s another chance to change it.
• Picking a different Medicare Part D. Medicare Part D provides coverage for prescription drug plans for those with Original Medicare or some Medicare Advantage plans that don’t cover prescription services. You can enroll in Medicare Part D for the first time or switch to a different Part D plan during the AEP. Keep in mind that you may have to pay a late enrollment fee if you didn’t sign up for Part D during your Initial Enrollment Period (IEP). Your plan’s formulary changes may also influence your decision to change Part D plans as medications can change tiers and possibly get more or less expensive.
• Dropping Medicare Part D. You may realize you don’t need Medicare Part D or want to switch to Medicare Advantage, which will usually bundle Part D with other covered services. Maybe you don’t anticipate needing prescription drug services and want to drop your Part D plan completely. However, it’s important to think carefully before dropping coverage, as you won’t be able to access Part D coverage again until the following open enrollment period. As mentioned above, you may also need to pay a late enrollment penalty if you do decide to re-enroll.

Considerations For Changing Medicare Plans Or Coverage

There are a few things to consider before you change your Medicare plan(s) or type of coverage:

• Do you need more or less care/coverage? You may find yourself at the end of this year’s enrollment process with a need for more or less coverage than you have with your current plan. Maybe you’d like to add dental coverage or want to take advantage of a Medicare Advantage plan with extra benefits such as transportation to doctor’s appointments or adult home care. Each year, your plan will mail you an Annual Notice of Changes (ANOC) letter that will tell you if the plan has changed its coverage, premiums, deductibles or drug formulary. Take note of what is no longer covered on your plan or needs addressing in the AEP.
• Are you aware of additional premiums or costs? As noted above, your current plan will let you know in its ANOC letter of any changes in premiums or additional costs. With these changes, you may find that you would prefer to have a plan with a lower deductible or need to shift plan coverage to keep from overpaying on essential health coverage. When thinking about coverage costs, look at what you spent the previous year on medical care and plot out any procedures, prescriptions and appointments you may need for the coming year.
• Will your primary care physicians and pharmacy change? Some health care providers may change which Medicare plans they work with. Be sure to check each year that your physician and pharmacy are still in-network so you can avoid paying out-of-network costs for your medical care. If pharmacy costs are a concern for you, you can always sign up for GoodRx as a cost-saving resource to help you compare medication prices in different locations and get the best possible deals. Remember, you can always use GoodRx for your prescriptions as long as you don't use your Medicare to pay at the same time.

Where To Learn More

The Annual Election Period won’t last forever — make sure to anticipate your medical needs for the next year and learn how to enroll. Consider the situations that may make you change your current plan so you can select the plan that best fits your needs. If you need additional assistance, you can explore resources such as the Medicare Plan Finder, 800-MEDICARE, and the Medicare & You handbook.

You can also check out GoodRx’s new Medicare Center, a helpful resource that brings together content, tools and savings opportunities just for Medicare enrollees. Whether you’re looking for help understanding a complex topic, aren’t sure what benefits your coverage entitles you to, or are looking for ways to save money on medical expenses, visit GoodRx's new Medicare Center to find tools and resources to help you get the most out of Medicare.

Visit GoodRx's new Medicare Center to find tools and resources to help you get the most out of Medicare.